创业板A上市公司募集资金报告分析

发布时间：2018-03-28 09:23

  本文选题：创业板　切入点：募集资金报告　出处：《西北农林科技大学》2013年硕士论文

【摘要】：创业板上市以来，为中小高新技术企业提供了全新的融资渠道，同时创业板市场上市公司发行价格、市盈率和市净率偏高，资金超募严重已经成为我国创业板市场发展面临的主要问题。伴随着高超募，上市公司募集资金投向、超募资金的监管和有效使用备受市场关注，业内关于创业板募集资金超募、募集资金投向变更的理论研究和争议颇多。在此背景下本文对A上市公司募集资金报告存在的问题进行了分析，对上市公司粉饰募集资金报告的动机及手段予以归纳分析，并提出识别对策及建议。 上市公司募集资金报告中募集资金投向及预期收益，是公司首次公开发行股票时重要的定价依据，是投资者的重要投资依据，上市报告信息披露不充分、人为夸大投资总额、粉饰项目财务效益，不仅使上市招股说明书中编写的资金募集计划的可信性大打折扣，也使监管部门对招股说明书的审查失去意义，更将后续的超募资金监管陷入尴尬境界。因此，研究这一课题对于如何辨别募集资金报告真实性，督促、规范上市公司募集资金的规范化运用等方面具有一定的理论价值和现实意义。 本文选取A公司募集资金报告为研究对象。在A公司募集资金报告的原有框架基础上，从募集资金运用、募投项目可行性报告(含项目背景和技术效益情况、项目行业竞争和市场容量情况、项目投资主体及环保情况)、募集资金对经营及财务状况的影响三个部分介绍募集资金报告概况。通过对募集资金报告项目可行性进行深入研究，及对募集资金报告计划与实际执行情况的追踪对比分析，发现上市公司IPO时粉饰项目募集资金报告，高估收益、低估风险，编造项目可行性报告。上市后募集资金项目必然进展缓慢，无法按照IPO募集资金报告投资计划进行，募投项目收益与预测严重不符，无法达到预期目的，从而违背募集资金报告的承诺，变更募集资金投向，变相挪用募集资金。本文在对A公司募投报告分析基础上，借鉴财务报表粉饰的概念，提出募集资金报告粉饰的概念，对上市公司IPO申报中粉饰募集资金报告动机、粉饰手段进行归纳分析,并结合本人的审计和财务工作经验，从关注粉饰募集资金报告的异常信号起，结合财务信息寻找粉饰报告的切入点，逐步提出辨别募集资金报告真实性的方法和对策。 本文研究主要采取案例法，创新之处有两方面，一是研究视角的创新，在实践中，国内资本市场披露的上市公司舞弊案件，一般都集中在财务报表造假，利润操纵方面，少有对非财务信息-募集资金报告进行分析的案例。二是本文以A公司募集资金报告为案例，，借鉴财务报表粉饰的概念，提出募集资金报告粉饰的概念，对上市公司的粉饰动机、手段进行归纳总结,并提出识别的对策，具有一定的创新性。 本文的局限性在于：本文案例所有分析数据均出自A公司的上市公告书，受资料及个人专业水平的限制，部分事项分析不够深入、透彻，并且案例研究过程中，以分析为主，必定在归纳过程中带有个人的主观性，本案例研究的内部效度被质疑的可能性大。从外部效度方面，仅以A公司在IPO过程中粉饰募集投资项目为例进行分析归纳，其存在的问题并不一定具有普遍性，因此外部效度亦大大降低。另外，对任何一家上市公司提出造假的质疑，都是很敏感的话题，尤其是对募集资金报告质疑，在收集资料过程中由于国内对于募集投资项目造假的披露比较少，能够借鉴的研究成果与资料也比较稀缺，加之个人理论水平有限，文中存在的不足之处，恳请各位老师批评指正。
[Abstract]:Since the gem listing, provides a new financing channel for small and medium-sized high-tech enterprises, at the same time, the GEM listed companies to issue price, price earnings ratio and high capital raised serious has become a major problem facing the development of China's GEM market. With high oversubscription, listed companies raised funds, super the supervision and effective use of funds raised much market attention, the industry on the gem funds raised, theoretical research and controversy of the alteration of financing capital. Under this background, this article on the A of listed companies to raise funds to report problems were analyzed, the listed companies to raise funds report whitewash motive and means of inductive analysis the identification, and puts forward some countermeasures and suggestions.
To raise funds to raise funds to invest in the report and the expected profitability of listed companies, is an important basis for pricing company IPO, investment is an important basis for investors, listed the report inadequate disclosure of information, artificially inflated the total amount of investment, the financial benefits of whitewash project, not only the listing prospectus in the preparation of the fund-raising plan lost credibility. The regulatory prospectus review meaningless, but will follow the raised funds supervision in an awkward state. Therefore, the research to raise funds for how to identify the authenticity of the report, supervision, has a certain theoretical value and practical significance to regulate listed companies to raise funds to standardize the use of other aspects.
This paper selects A company to raise funds to report as the research object. The original framework to raise funds report in A company, from the use of the raised funds, raise investment project feasibility report (including the background and technical efficiency, project, project competition and market capacity of project investment subject and environmental protection), to raise funds for the operation and influence the three part introduces the financial situation to raise funds report overview. On the basis of researching the feasibility analysis report to raise project funds, and to raise funds for the implementation of the plan and report the actual tracking contrast, we find that the listed company IPO project to raise funds to whitewash report, overestimateearnings, underestimate the risk, make the project feasibility report after the listing to raise funds. The gold project will slow, unable to raise funds in accordance with the IPO report of investment plan, raise investment projects and revenue forecast is not serious, can not achieve The expected purpose, which is in breach of the commitment to raise funds report, to raise funds to invest in change, in the misappropriation of funds raised in this article. The report of the A investment company raised on the basis of the analysis, based on the concept of financial statements, put forward to raise funds for the concept of whitewash report, whitewash IPO of listed companies to raise funds in the declaration of the report summarizes motivation, whitewash the analysis, combined with my work experience and financial audit report, the abnormal signal to raise funds attention from the starting point of whitewash, combined with the financial information for whitewash report, put forward methods and Countermeasures to raise funds to identify the authenticity of the report.
This paper mainly adopts the method of case, innovation has two aspects, one is the innovation of research perspective, in practice, the domestic capital market disclosure fraud cases of listed companies, are generally concentrated in the financial statements fraud, profit manipulation, less on the non financial information - raise funds report analysis case is the two. In the case of A company to raise funds to report, based on the concept of financial statements, put forward to raise funds concept of listed companies report whitewash, whitewash means motivation, are summarized, and put forward the countermeasure of recognition, has certain innovation.
The limitations of this paper is: the case analysis of all data from the A company listing announcement, by the data and personal professional level, some of the issues the analysis is not deep enough and thorough, and the case study process, to analysis, must be in an inductive process with the subjectivity of the individual, the possibility of internal case study the validity was questioned. From the external validity, only by A company in the process of IPO whitewash raise investment project as an example analysis, the problems are not necessarily universal, therefore also greatly reduce the external validity. In addition, the fraud to question any listed companies, are very sensitive the topic, especially to raise funds for the report questioned, in the process of collecting material for domestic investment projects due to raise false disclosure less research results and reference data can also dilute In addition, in addition to the limited level of personal theory and the inadequacies in the text, we ask the teachers to criticize them.

【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】

中国期刊全文数据库 前10条

1 吴金娇;;创业板超募资金使用方向分析[J];财经界(学术版);2011年11期

2 刘志杰;姚海鑫;;上市公司变更募集资金投向的动机及监管博弈分析[J];财经问题研究;2009年01期

3 鄂齐;;创业板上市过度包装问题探析[J];大连海事大学学报(社会科学版);2012年03期

4 曾永艺;吴世农;吴冉R

本文编号：1675719